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XIAMEN, China - POP Culture Group Co., Ltd. (Nasdaq:CPOP), a cultural industry operation enterprise focused on Chinese Pop Culture, announced Friday it has entered into a securities purchase agreement with institutional investors for the sale of 5 million Class A ordinary shares in a registered direct offering. The stock, currently trading at $2.05, has shown remarkable momentum with a 226% surge over the past six months, according to InvestingPro data.
The shares are priced at $1.20 each, with gross proceeds expected to reach approximately $6 million before deducting offering expenses. The company plans to use the net proceeds for working capital and general corporate purposes.
The offering is expected to close on or about Monday, subject to customary closing conditions. FT Global Capital, Inc. is serving as the exclusive placement agent for the transaction.
The Class A ordinary shares are being offered under an effective shelf registration statement on Form F-3 previously filed with the U.S. Securities and Exchange Commission and declared effective in November 2022.
Originally focused on hip-hop culture, POP Culture Group has expanded its operations to include live entertainment events, digital entertainment services, artist management, and film and television production featuring elements of Chinese Pop Culture.
The announcement was made in a company press release statement. With the stock’s high volatility and current overvaluation signals, investors seeking deeper insights can access 12 additional key metrics and analysis through InvestingPro.
In other recent news, Pop Culture Group Co., Ltd. announced its plans to acquire an additional 1,000 Bitcoin over the next year as part of its strategy to establish a $100 million "Crypto Pop Fund." The company has already made a significant move by investing $33 million to purchase 300 Bitcoin, marking a substantial step in its digital asset strategy. This initiative represents Pop Culture Group’s entry into the crypto entertainment market, aiming to leverage technologies such as blockchain and artificial intelligence. The company’s cryptocurrency fund will focus on assets like Bitcoin, Ethereum, and BOT, targeting promising cryptocurrencies in the Web3 entertainment sector. Additionally, shareholders recently approved three proposals at an extraordinary general meeting, including a name change to 华流文化集团有限公司. The adoption of amended and restated memorandum and articles of association to reflect this name change was also approved. These developments underscore the company’s commitment to aligning its business strategy with emerging digital asset opportunities.
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